Europe's illegal online gambling market reaches €12 billion

The illegal online gambling market in Europe reached an estimated €12 billion in net revenue in 2025, a figure that has tripled since 2019. This unregulated black market now accounts for approximately 25% of the total online gambling sector.

A study commissioned by Euromat and conducted by Regulus Partners and Helios analyzed 28 European markets, including the EU27, the United Kingdom, Serbia, and Montenegro. The research utilized over 1,000 hours of forensic analysis, quantifying digital marketing and web traffic alongside macroeconomic and socio-political data.

Researchers suggest that the growth of these black markets is driven by government policies that create friction for consumers. Key drivers include limited consumer choice due to state monopolies and strict regulations, low visibility of legal options, price distortions, and interventionist measures such as affordability checks that inconvenience established consumer behaviors. The shift of spending from regulated to illegal markets carries significant implications for government tax revenues.